#USStablecoinBill The U.S. Senate's stablecoin legislation, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, is currently facing significant challenges due to a shift in support from key Senate Democrats.

Overview of the GENIUS Act

Introduced by Senator Bill Hagerty (R-Tenn.) and co-sponsored by Senator Kirsten Gillibrand (D-N.Y.), the GENIUS Act aims to establish a federal regulatory framework for stablecoin issuers. The bill had previously garnered bipartisan support and passed the Senate Banking Committee with an 18-6 vote . Senate Majority Leader John Thune (R-S.D.) has initiated procedures to expedite a Senate vote on the legislation .

Democratic Opposition Emerges

Recently, nine Senate Democrats, including Senators Ruben Gallego, Mark Warner, Lisa Blunt Rochester, and Andy Kim, have withdrawn their support for the bill.